OVERVIEW The ratings on the trust certificates issued under the Orion Trust 1 transaction are linked to the ratings on the underlying series 42 notes that were issued by the former Government Housing Loan Corp. (hereinafter GHLC notes). The underlying GHLC notes remain rated 'AAA (sf)'. Under the transaction, interest and principal payments on the trust certificates, and transaction maintenance outlays are set to coincide with the amounts of cash flows from the GHLC notes. TOKYO (Standard&Poor's) Dec. 10, 2010--Standard&Poor's Ratings Services today affirmed its 'AAA (sf)' ratings on the class A, B, PB, and IA trust certificates issued under the Orion Trust 1 transaction (see list below). The trust certificates are backed by a pool
